FEATURED COMPANIES

AbstractUnconditional guarantee from New Zealand Post Ltd. Good retail-funding position Supportive risk-based capitalization ratios and good financial flexibility High growth appetite has the potential to moderate earnings, capital, and asset quality Modest market position as business growth is dependent on being able to price competitively Unseasoned lending portfolio Our ratings on Kiwibank reflect the stand-alone credit profile for banks operating only in New Zealand; plus Kiwibank's "moderate" business position, "strong" capital and earnings, "moderate" risk position, "average" funding, and "adequate" liquidity. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor stand-alone credit profile (SACP), the starting point in assigning an ICR. The anchor SACP for a bank operating only in New Zealand...

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